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How to work out interest?
SarahNeedle1872
Posts: 6,166 Forumite
in Credit cards
Hi, can someone tell me how to work out how much interest will be added to my OH's cc acc next month....
The balance is £500 :mad: , with min payment of £25 about to be paid.. apr is 39.9%:mad: :eek: :mad:
Thanks
Sarah
The balance is £500 :mad: , with min payment of £25 about to be paid.. apr is 39.9%:mad: :eek: :mad:
Thanks
Sarah
'We are all in the gutter, but some of us are looking at the stars' - Oscar Wilde
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Comments
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My (gu)estimate would be somewhere between £13.44 and £14.15 depending on when in the statement period your £25 payment clears. Pay it half way through, and the interest will be around £13.80
39.9% roughly equates to a monthly rate of 2.83%, so...
£475 x 2.83% = £13.44
£500 x 2.83% = £14.150 -
Thanks PAP - I must be having a bad day, I completely forgot about that sitepostingalwaysposting wrote: »
Sarah x'We are all in the gutter, but some of us are looking at the stars' - Oscar Wilde0
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